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14 February 2011

NTUC FairPrice brings back Stretch Your Dollar programme to help customers cope with inflation

NTUC FairPrice (FairPrice) today announced the return of the FairPrice "Stretch Your Dollar" programme to help consumers cope with inflation. While prices of FairPrice Housebrand essentials have remained relatively stable, this effort will help consumers make the most of their money when shopping for groceries.

For the past 24 months, FairPrice Housebrand essential items have remained largely unchanged as a whole. Some items have even dropped in prices over this period. For example, FairPrice White Rice has decreased to its current price of $12.40, a 10% drop from prices in 2009.

"We share our customers' concerns about the increased cost of living and would like to assure them that FairPrice is committed to keeping daily essentials affordable. As a social enterprise, we are committed to helping to moderate the cost of living in Singapore. This is why, despite increased cost, we have managed to keep prices of essentials stable and have introduced new efforts to help our customers stretch their dollar." said Mr Seah Kian Peng, CEO, NTUC FairPrice.

The Stretch Your Dollar programme, which will run from 15 February till 31 May 2011, comprises 10 cost saving tips that includes a 5 and 10 percent discount on FairPrice housebrand essential items. Customers who hold the Plus! Visa or NTUC Plus! Card will enjoy a 10 percent discount over 500 FairPrice housebrand essential items, while non-cardholders will enjoy a 5 percent discount. FairPrice Housebrand products set benchmark prices and are already at least 10 percent lower than national brands. The discount scheme will cost FairPrice an estimated $2.3 million and covers key daily needs like rice, bread, cooking oil to detergent and toilet rolls.

Over the years, the FairPrice Housebrand products have gained popularity and recognition of its quality. For example, the FairPrice Cooking Oil was voted by consumers in the Reader's Digest survey as a Gold Trusted Brand for three consecutive years from 2008 to 2010. FairPrice housebrands are sourced from around the world by FairPrice directly. This enables FairPrice to cut down on middleman costs and pass on savings to consumers. Diversified sourcing enables FairPrice to keep prices relatively stable as well. Working with partners such as the AVA on housebrand food products also enables FairPrice to ensure it meets stringent safety and quality standards.

Shoppers can also enjoy over 500 Everyday Low Price (EDLP) items which offer the best value basket of popular national brand products. EDLP items have been increased from 400 items previously and are price-checked on a weekly basis to ensure the best value basket of items are offered to shoppers.

Customers can find out about other ways to stretch their dollar through FairPrice banner displays, educational pamphlets and newspaper ads. The savings can come from Yellow Dot items, Purchase with Purchase discounts, Must Buy special offers, Membership Rebate, LinkPoint discounts, Senior Citizens' Discount. To save costs, customers are encouraged to try alternatives and choose to dine in with home-cooked meals.

Over the years, FairPrice has launched various initiatives to moderate the cost of living in Singapore. In 2007, FairPrice absorbed the 2% GST hike on 400 essential items from July to December 2007, at a cost of $2.8 million. From December 2007 to December 2009, FairPrice had first introduced the "Stretch Your Dollar" programme as goods and services costs soared followed by the economic downturn - customers saved over S$12 million during this two-year period.

Mr Seah added, "We have grown over the years and will continue to give back to our customers. As we do well, this also means we are able to do more good to help not just our customers but also the needy and underprivileged. This we do through various initiatives including the Food Voucher scheme, Share-A-Textbook programme and working with organisations like the Community Chest."

For the lower-income families, FairPrice Foundation has contributed over $26 million to the community since 2008, primarily to help needy families and workers meet their daily needs.

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